Wednesday, November 17, 2010

Singer continues growth momentum


Singer Group of Companies has performed well in the first three quarters of 2010.

The company continued to grow in revenue and profits in the third quarter of 2010, continuing the trend of the first two quarters, Singer Group Chief Executive Officer Asoka Pieris told Daily News.

The third quarter revenue grew by 38 percent against the prior year and had the highest quarterly revenue this year.

Year to date revenue grew by 32 percent against the prior year. "Our pre-tax profits for the third quarter grew by Rs 237 million, while the year to date pre tax profits grew by Rs 741 million.

Significant factors for the growth in profits are the growth in revenue and margins and the decrease in net finance cost," he said. The revenue growth in terms of volume and units was greater than the revenue growth in value, due to price reductions following reduction of customs duties.

"In our traditional products we had very strong growth in refrigerators, televisions, washing machines, furniture, DVDs and audios, kitchen appliances and fans.

Among the recent introductions we had very strong growth in air-conditioners and computers," he said. "We see the consumer preferences change towards more up market products. As the market leader, we will be in the forefront of the change through our product offering, advertising and service," Pieris said.

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